Jindan Technology (300829) disclosed its 2023 annual report on April 22nd. 2023CrazyfoxfreespinsandcoinsThe company realized the total revenue of 14Crazyfoxfreespinsandcoins.1.8 billion yuan, down 7.59% from the same period last year; net profit from home was 85.2302 million yuan, down 35.54% from the same period last year; non-net profit was 56.4664 million yuan, down 56.20% from the same period last year; net cash flow from operating activities was 35.4458 million yuan, down 78.06% from the same period last year; during the reporting period, Jindan Technology's basic earnings per share was 0.47 yuan, and the weighted average return on net assets was 5.31%. It is proposed to distribute a cash dividend of 1.00 yuan (including tax) to all shareholders for every 10 shares.

During the reporting period, the company's total non-recurrent profit and loss was 28.7638 million yuan, of which the government subsidy included in the current profit and loss was 36.0185 million yuan.

Based on the closing price on April 19, Jindan's current price-to-earnings ratio (TTM), price-to-book ratio (LF) and price-to-sales ratio (TTM) are about 32.54, 1.63 and 1.96 times respectively.

The historical quantiles of the company's recent price-to-earnings ratio (TTM), price-to-book ratio (LF) and price-to-sales ratio (TTM) are as follows:

Statistics show that Jindan's total revenue has a compound growth rate of 11.35% in the past three years, ranking seventh among the 12 companies in the food and feed additive industry that have disclosed data for 2023. The compound annual growth rate of net profit in the past three years is-10.69%, ranking 9x12.

According to the annual report, the company is a high-tech enterprise mainly engaged in R & D, production and sales of lactic acid and its series of products.

From a product point of view, in the company's main business in 2023, lactic acid revenue was 777 million yuan, down 9.82% from the same period last year, accounting for 54.81% of operating income; lactate income was 300 million yuan, up 0.99% from the same period last year, accounting for 21.19% of operating income; and by-product revenue was 165 million yuan, down 14.36% from the same period last year, accounting for 11.60% of operating income.

By the end of 2023, the total number of employees of the company was 1323, with per capita income of 1.0719 million yuan, per capita profit of 64400 yuan and per capita salary of 86300 yuan, down 8.15%, 35.93% and 0.86% respectively compared with the same period last year.

In 2023, the company's gross profit margin was 18.90%, down 1.97 percentage points from the same period last year; the net profit margin was 4.66%, down 3.42 percentage points from the same period last year. According to the single-quarter indicators, the company's gross profit margin in the fourth quarter of 2023 was 16.73%, down 3.42% from the same period last year and 6.85% from the previous quarter; the net profit rate was-6.40%, down 11.99% from the same period last year and 18.37% from the previous quarter.

In terms of products, the gross profit margins of lactic acid, lactate and by-products in 2023 are 13.85%, 25.77% and 42.51%, respectively.

During the reporting period, the total sales amount of the company's top five customers was 210 million yuan, accounting for 14.79% of the total sales amount, and the total purchase amount of the company's top five suppliers was 198 million yuan, accounting for 15.99% of the total annual purchase.

According to the data, the weighted average return on equity of the company in 2023 was 5.31%, down 3.72 percentage points from the same period last year; the return on invested capital in 2023 was 3.68%, down 3.25 percentage points from the same period last year.

In 2023, the net cash flow of the company's operating activities was 35.4458 million yuan, down 78.06% from the same period last year; the net cash flow of fund-raising activities was 648 million yuan, an increase of 401 million yuan over the same period last year; and the net cash flow of investment activities was-791 million yuan, compared with-364 million yuan in the same period last year.

Further statistics show that the free cash flow of the company in 2023 is-684 million yuan, compared with-127 million yuan in the same period last year.

In 2023, the cash ratio of the company's operating income is 105.67%, and the net current ratio is 41.59%.

In terms of operating capacity, in 2023, the company's total asset turnover rate was 0.48 times, compared with 0.65 times in the same period last year (the industry average in 2022 was 0.65 times, and the company ranked 22nd in the same industry); the fixed assets turnover rate was 1.22 times, compared with 1.37 times in the same period last year (the industry average in 2022 was 2.36 times, and the company ranked 20Universe in the same industry). The turnover rate of accounts receivable and inventory is 15.94 times and 3.59 times respectively.

In 2023, the company's period expenses were 167 million yuan, an increase of 3.599 million yuan over the same period last year, and the period expense rate was 11.78 percent, an increase of 1.13 percent over the same period last year. Among them, sales expenses increased by 11.15% over the same period last year, management expenses decreased by 24.7%, R & D expenses decreased by 8.1%, and financial expenses increased by 526.3%.

In terms of major changes in assets, by the end of 2023, the company's fixed assets decreased by 5.49% compared with the end of last year, accounting for 14.50% of the company's total assets; other non-current assets increased by 425.96% over the end of the previous year, accounting for 5.91% of the company's total assets; monetary funds decreased by 21.76% compared with the end of last year, accounting for 4.44 percentage points of the company's total assets Projects under construction increased by 71.75% over the end of last year, accounting for 3.77% of the company's total assets.

In terms of major changes in liabilities, by the end of 2023, the company's long-term loans increased by 139.56% over the end of the previous year, accounting for 5.36% of the company's total assets. it is mainly due to the fact that the Henan Branch of the Export-Import Bank of China has provided the company with a long-term loan of 250 million yuan. Short-term borrowing decreased by 51.03% compared with the end of last year, accounting for 9.89% of the company's total assets, mainly because the company received funds raised through the issuance of convertible corporate bonds, reducing short-term loans; accounts payable increased by 33.41% compared with the end of last year, accounting for 0.12% of the company's total assets. The non-current liabilities due within one year increased by 419.56% over the end of the previous year, accounting for 1.10 percentage points of the company's total assets.

From the perspective of inventory changes, by the end of 2023, the book value of the company's inventory was 402 million yuan, accounting for 23.58% of the net assets, an increase of 162 million yuan over the end of the previous year. Among them, the provision for the price decline of inventory is 17.1696 million yuan, and the proportion of provision is 4.1%.

For the whole of 2023, the company's R & D investment was 53.7901 million yuan, down 8.10% from the same period last year; R & D investment accounted for 3.79% of operating income, down 0.02% from the same period last year. In addition, the company's annual R & D investment capitalization rate is 0.

According to the annual report, the company has focused on the R & D and production of lactic acid and its series of products for many years, and now has a national recognized enterprise technology center, a national postdoctoral research station and a national CNAS-approved inspection and testing center. At the same time, it also has the national postdoctoral research workstation, the national enterprise technology center, the national local joint engineering laboratory, the first lactic acid engineering technology research center, Henan province lactic acid new biomaterials academician workstation, Henan starch biomass chemical engineering research center, Henan polylactic acid degradable materials industry research institute and other technology platforms, which provide a reliable guarantee for the company's technological innovation and research. The company has successively undertaken and completed a series of technology research and development projects, such as the national excellent new product plan, major industrial technology development projects, agricultural and sideline products deep processing projects, etc., so that the overall production technology of lactic acid and its series products has reached the advanced level of the industry. it has improved the technology and equipment level of China's lactic acid industry, and enhanced the international market competitiveness of China's lactic acid and its series products. The company was awarded as "key High-tech Enterprise of the National Torch Plan" in 2010 and 2014, and has been named "High-tech Enterprise" for many years since 2014. in recent years, the company has established long-term cooperative relations with many well-known universities and scientific research institutions in China. formed a "academician, doctoral, doctor, master, bachelor" five-in-one research and development system. During the reporting period, the company has 47 invention patents and a number of non-patent technologies.

In terms of solvency, the company's asset-liability ratio at the end of 2023 was 49.99%, an increase of 11.52 percentage points over the end of the previous year, and the interest-bearing asset-liability ratio was 36.92%, an increase of 14.04 percentage points over the end of the previous year.

In 2023, the current ratio of the company is 2.08 and the quick ratio is 1.35.

The annual report shows that at the end of 2023, Zhang Peng has the most shares among the company's top ten tradable shareholders, accounting for 8.17%. The list of the top ten tradable shareholders remains unchanged compared with the third quarterly report of 2023. In the specific shareholding ratio, Yu Min and Li Ruixia's shareholding has declined.

In terms of chip concentration, by the end of 2023, the total number of shareholders of the company was 16300, down by 2.44% from the end of the third quarter, while the value of stock market holdings per household rose to 231100 yuan from 224200 yuan at the end of the third quarter, an increase of 3.08%.

Indicator Notes:

Price-earnings ratio

= total market capitalization / net profit. When the company loses money, the price-to-earnings ratio is negative, so it is of no practical significance to use the price-to-earnings ratio or the price-to-sales ratio as a reference.

Price to book ratio

= total market capitalization / net assets. The price-to-book ratio valuation method is mostly used for companies whose earnings fluctuate greatly and their net assets are relatively stable.

Market sales ratio

= total market capitalization / operating income. The valuation method of price-to-sales ratio is usually used for growth companies that are losing money or making small profits.

In this paper, the price-to-earnings ratio and price-to-sales ratio are calculated by TTM, that is, based on the 12-month data up to the latest financial report (including forecast). The price-to-book ratio is calculated on the basis of LF, which is based on the latest financial report.

When the price-to-earnings ratio is negative, the current quantile is not displayed, which will lead to the interruption of the line chart.

(article source: China Securities News, China Securities Network)